LendInvest has completed its first development exit loan four weeks after the new product was launched to market.
The borrower was an experienced developer who was seven months into a 12 month development finance loan from another specialist finance lender.
The loan was to fully renovate a two-bedroom apartment in Fulham, Southwest London and the borrower was looking for cheaper finance until the apartment could be sold.
Within three weeks, the lender and borrower moved from initial enquiry to full drawdown.
Matthew Tooth (pictured), chief commercial officer at LendInvest, said: “Getting our first development exit loan over the line so soon after launch proves that our model works and demand is there.
“This is just the first of many developers we can help to secure more affordable finance quickly when they reach practical completion on their projects.”
The loan was 70% loan-to-value and lasted for nine months with rolling interest charged at 0.7% per month.
The borrower saved 30 basis points per month by moving to Lendinvest.
Development exit loans were launched by the lender in early November which coincided with LendInvest’s reduction in minimum loan sizes and expansion to Scotland and Northern England.